Construction Loan Secured For Cora Merrick Park At 4241 Aurora Street In Coral Gables

Constellation Group and The Boschetti Group have secured a $67.5 million construction loan for Cora Merrick Park, a 13-story mixed-use condominium development currently under construction at 4241 Aurora Street in Coral Gables. Designed by Arquitectonica with interiors by Urban Robot and Winmar Construction serving as general contractor, the project will yield 74 residences along with retail and office space upon completion. BHI provided the financing, which was arranged by a Berkadia Miami team led by Scott Wadler and Matt Nihan.

Construction began in April and is expected to be completed in 2028. Located directly across from Shops at Merrick Park, the development is rising in one of Coral Gables’ most supply-constrained residential neighborhoods and is designed to offer a boutique residential experience centered on wellness and longevity.

“This is an important milestone for CORA Merrick Park and the larger Coral Gables community,” said Eduardo Otaola, Principal at Constellation Group. “Securing financing from BHI, a well-respected regional lender, is a strong validation of both the market opportunity and the differentiated vision behind Cora Merrick Park. In today’s financing environment, lender support at this level reflects confidence not only in the project itself, but also in the long-term strength of the Coral Gables market.”

The development is among the first condominium projects in Miami seeking certification through the International WELL Building Institute’s WELL for residential program, an evidence-based certification focused on health and wellness within residential environments. Wellness programming and operations are being developed in partnership with Spanish wellness firm Lamarca Well.

Amenities will include a rooftop swimming pool deck, yoga and meditation areas, a fitness center with a dedicated recovery zone, and a spa featuring infrared saunas, steam rooms, contrast hydrotherapy pools, and red-light therapy panels. Additional wellness-focused features will include advanced air and water purification systems, acoustic design measures intended to reduce noise transmission, and the use of non-toxic building and cleaning materials throughout the property. Residents will also have access to a lobby tearoom and what is planned to be the first rooftop padel court in Coral Gables.

Outside, the development will feature a 5,000-square-foot park anchored by an original sculpture by Catalan artist Jaume Plensa. The park is planned to be donated to the City of Coral Gables upon completion.

In addition to its residential component, Cora Merrick Park will include approximately 8,000 square feet of ground-floor retail space and 13,000 square feet of office space on the second and third floors.

Cora Merrick Park will offer 13 floor plans ranging from one-bedroom residences to three-bedroom-plus-den penthouses. Homes will feature 10-foot ceilings, Italkraft kitchens, Sub-Zero and Wolf appliances, designer stone countertops, custom porcelain flooring, spacious walk-in closets, and select residences with private lanais.

The property is within walking distance of downtown Coral Gables and the Metrorail system, providing access to Coconut Grove, the University of Miami, Downtown Miami, and Brickell. The development is also located one block from 4225 Ponce, the recently completed Class A office building anchored by UBS and developed by Constellation Group and The Boschetti Group.

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